Acquisition of Atwood (Tables)

6 Months Ended

Jun. 30, 2018

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The provisional amounts and respective measurement period adjustments recorded for assets acquired and liabilities assumed are based on preliminary estimates of their fair values as of the Merger Date and were as follows (in millions):



	Amounts Recognized as of Merger Date			Measurement Period Adjustments ⁽¹⁾			Estimated Fair Value
Assets:
Cash and cash equivalents⁽²⁾	$	445.4		$	—		$	445.4
Accounts receivable⁽³⁾	62.3			(1.6		)	60.7
Other current assets	118.1			4.7			122.8
Property and equipment	1,762.0			9.2			1,771.2
Other assets	23.7			(2.9		)	20.8
Liabilities:
Accounts payable and accrued liabilities	64.9			(2.3		)	62.6
Other liabilities	118.7			3.4			122.1
Net assets acquired	2,227.9			8.3			2,236.2
Less:
Merger consideration	(781.8		)				(781.8		)
Repayment of Atwood debt	(1,305.9		)				(1,305.9		)
Bargain purchase gain	$	140.2					$	148.5

⁽¹⁾

The measurement period adjustments reflect changes in the estimated fair values of certain assets and liabilities, primarily related to inventory, capital equipment and accrued non-income tax liabilities. The measurement period adjustments were recorded to reflect new information obtained about facts and circumstances existing as of the Merger Date and did not result from subsequent intervening events. The adjustments recorded resulted in an $8.3 million decline and an $8.3 million increase to bargain purchase gain during the three-month and six-month periods ended June 30, 2018, respectively, and are included in other, net, in our condensed consolidated statements of operations.


⁽²⁾	Upon closing of the Merger, we utilized acquired cash of $445.4 million and cash on hand from the liquidation of short-term investments to repay Atwood's debt and accrued interest of $1.3 billion.

⁽³⁾Gross contractual amounts receivable totaled $64.7 million as of the Merger Date.